Bitcoin Price Outlook – Bitcoin Continues to See Base Building

Bitcoin Technical Analysis

Bitcoin initially did try to rally during the day on Tuesday to follow through with the recovery that we had seen during the Monday session. That being said, we have given back quite a bit of the gains and as things stand right now, it looks like we are essentially going to be struggling to get our footing. That’s not really a huge surprise because, quite frankly, the markets are looking at the $75,000 level underneath as a major floor.

But at the same time, we have to look at the risk appetite out there and it is fleeting to say the least. With that being the case, it’s difficult to imagine a scenario where people are going to be running to Bitcoin unless, of course, you’re a longer term investor. If you’re a longer term investor, you’re just buying the dips and hanging on, that’s the strategy that a lot of people have, quite frankly. That might be part of what’s keeping Bitcoin somewhat afloat.

Bitcoin has gone down pretty significantly over the last several months, but in the last couple of weeks, when the world has been on fire, Bitcoin’s been okay. I wouldn’t say great. It’s not even up. But over the last month or so, it’s just basically been hanging around in the same range. As I can say right now, I assume that continues to be the case, but if we were to break down below the $75,000 level with any significance and momentum at all, we could find Bitcoin dropping all the way down to the $60,000 level. We’ll have to wait and see if that actually happens, but right now it looks more or less like it’s trying to find its bottom right around these levels.

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